The entrance to the Hilton Belgrade in Serbia .
“ Demand for travel remains strong , maintaining the trend of the back half of last year ,” Nassetta said . “ Despite the macro environment , our network effect and feebased model will drive growth .”
Net income for the quarter was $ 209 million , bolstered by a system-wide comparable RevPAR that increased 30 % compared to the same period a year ago and up 8 % on the first quarter of 2019 .
Hilton in the quarter approved 24,900 new rooms for development , bringing Hilton ’ s development pipeline to 428,100 rooms as of March 31 , 2023 . It also opened 64 properties , including its 500th in China .
Conversions were 25 % higher in the quarter and Nassetta said that Spark has 300 deals in various stages of negotiation .
Hilton ’ s loyalty program , HHonors , has grown to 158 million member worldwide , with members accounting for 62 % of global occupancy .
“ It ’ s an uncertain environment ,” Nassetta admitted , but leisure travel is super strong , corporate demand and pricing has returned and group business is motoring .”
Nassetta meets with his global executive team every Monday morning and the first question he asks is : “ Are we seeing cracks ?” To which he answered : “ We aren ’ t seeing any cracks in demand patterns . We still have pent-up demand and shift of spend on experiences and services . And international travel with China opening up is on an upslope . Capacity additions are at historical lows . Supply and demand is good .”
Q1 2023
RESULTS
+ 30 %
RevPAR VERSUS Q1 2022
Q1 ACTIVITY
FINANCIALS
OPENINGS
9,200
ROOMS
$ 641M
Adj . EBITDA1 + 43 % VERSUS Q1 2022
$ 1.24 Diluted Adj . EPS2 + 75 % VERSUS Q1 2022
DEVELOPMENT
PIPELINE
428,100
ROOMS
HIGHLIGHTS
APPROVALS
24,900 ROOMS
IN APRIL , NAMED # 2 BEST PLACE TO WORK IN THE UNITED STATES BY FORTUNE AND GREAT PLACE TO WORK
OPENED 500 TH PROPERTY IN CHINA
OPENED 100 TH TAPESTRY COLLECTION BY HILTON
1
Reported net income was $ 209 million .
2
Diluted earnings per share , without adjustments , was $ 0.77 .
Entrance to Canopy by Hilton Tempe Downtown , which opened in summer 2020 .
Information as of or for the quarter ended March 31 , 2023 with comparisons to prior year period , unless where otherwise noted . For full financial data , and non-GAAP reconciliations and cautionary language regarding forward-looking statements , please see our Q1 2023 earnings press release which is available at ir . hilton . com .
June 2023 hotelsmag . com 15